July Soybeans finished down 7 3/4 at 1393 3/4, 19 1/2 off the high and 7 1/2 up from the low. November Soybeans closed down 5 3/4 at 1386 3/4. This was 9 1/2 up from the low and 17 1/4 off the high. July Soymeal closed up 0.1 at 372.9. This was 3.5 up from the low and 6.4 off the high. July Soybean Oil finished down 0.54 at 57.4, 0.74 off the high and 0.32 up from the low. The market closed lower with an inside trading day. The USDA Supply/demand report was considered bearish for soybeans but the market managed to push higher early led by a surge in corn. The market quickly retreated to trade lower on day. US ending stocks for the 2010/11 season were pegged at 180 million bushels as compared with 170 million last month and trade expectations of near 175-180 million. The USDA lowered exports by 10 million bushels for this season and 20 million bushels for the 2011/12 season. New crop ending stocks were pegged at 190 million bushels which was about 20 million bushels higher than expected and 30 million above last month. Total demand for the new crop season was revised to 3.29 billion bushels, down 20 million from last month and down 25 million from this year. There were no revisions in acreage or yield. World ending stocks for the 2010/11 season were revised higher to 64.53 million tonnes from 63.81 million last month and 60.94 million two months ago. Brazil production was revised to 74.5 mmt from 73 million tonnes last month. China import demand slipped to 54 million tonnes from 54.5 million last month and 57 million two months ago. For 2011/2012, world ending stocks are pegged at 61.59 million tonnes. China demand is pegged at 58 million tonnes. Net weekly export sales for soybeans came in at 120,541 metric tonnes for the current marketing year and 100 for the next marketing year for a total of 120,641. As of June 2nd, cumulative soybean sales stand at 99.4% of the USDA forecast for 2010/2011 (current) marketing year versus a 5 year average of 95.4%. Meal sales came in at 60,500 metric tonnes to push cumulative soybean meal sales to 84.4% of the USDA forecast for 2010/2011 (current) marketing year versus a 5 year average of 79.4%. Oil sales came in at 10,100 metric tonnes which pushed cumulative soybean oil sales to 83.9% of the USDA forecast versus a 5 year average of 65.3%. For soybean oil in the supply/demand update, beginning stocks for the 2011/12 season came in 350 million pounds higher than last month. As a result, a 200 million pound increase in the export forecast failed to offset the higher beginning stocks and ending stocks are now pegged at 2.158 billion pounds from, up 150 million from last months estimate but down from 2.823 billion this season and 3.358 billion last year. The weather outlook appears favorable for Midwest soybeans already planted with cooler weather but rains for Indiana and Ohio could keep the plantings pace slow. Traders remain nervous with harsh weather in the delta and southeast with hot and dry weather to persist.
Soybeans Blog Topic: __W. D. Gann Soybean Charts___
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View my different blogs as there many intraday posting that aren't on the main web site.
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W. D. Gann Blog -- http://wdgannmatrix.blogspot.com/
Soybeans Blog -- http://soylive.blogspot.com/
Commitment of Traders Blog -- http://cotlive.blogspot.com/
Beans COT -- http://www.cotlive.com/COT/commodities/s1.htm
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